|
|
#62
08-14-2006, 06:29 PM
|
|||
|
|||
Re: $6M Gross - What Do You Do
I would upgrade my current living situation (buy a place if i'm currently renting, trade up if i own a dump, etc.), and then invest the rest in a diversififed portfolio (about 3-1 stock-bonds). I probably wouldn't do anything drastic like quit my job. I'd live more or less the same life but just be richer, and probably intend to retire younger.
$3.5 mil is obviously a lot of money, but it's not enough to just quit your job, cease earning an income, and live a great lifestyle. Unless you want to move to the middle of nowhere and do nothing for the rest of your life. 
|
|
#63
08-14-2006, 06:42 PM
|
|||
|
|||
|
Re: $6M Gross - What Do You Do
[ QUOTE ]
I don't get some of you. $200k isn't enough, even in an URBAN environment? Are you insane? Let's take a look here in Washington, DC, which is sickly overpriced. 600k home @ 6%, 30years = 3,597.30 per month utilities = 300/month property tax = say 10k/yr (not sure on this one) food = 400/mo entertainment = 400/wk (way high) We're only at 80k per year so far..... uhhh..... and we need more than 200k why? I don't understand where some people blow their money. [/ QUOTE ] You're talking about 200k BEFORE taxes right? So about $115-$120k after taxes. You just quickly ran through the basics and came out to 80k. What about clothes, vacations, school tuition (this is huge, as you know), medical costs, home furnishings, car payments, car repairs, etc etc etc etc? You could live on 200k a year pre-tax for the rest of your life, but I wouldn't call it easy. You're definitely sweating it out every month if you intend to give your kids a top notch education. BTW, $400 a month for food is totally unrealistic. That basically means you're eating supermarket food only for your family for every meal. No restaurants other than MacDonalds. Is this realistic for someone that just got handed $3.5 million? Effectively you're saying you'd live the life of a lower-middle class person despite just having become $3.5 million richer. That makes no sense.
|
|
#65
08-14-2006, 06:55 PM
|
|||
|
|||
|
Re: $6M Gross - What Do You Do
Al,
If I got this dropped on me today, I would spend $2M on a nice house. Then I would invest the $1.5M or so left after taxes and continue on with life as usual, though I'd have some extra free cash available and flexibility to be involved in a few more businesses, hopefully accelerating my track towards long-term financial independence and my personal goals of being part of a major sports franchise ownership group and being a major philanthropist.
|
|
#66
08-14-2006, 07:03 PM
|
|||
|
|||
|
Re: $6M Gross - What Do You Do
hahahahah
huge LOL at not being able to live very comfortably on 200K a year Sometimes reading OOT is a lot like walking around in a WALmart, it makes me feel really good about my own life.
|
|
#67
08-14-2006, 07:08 PM
|
|||
|
|||
|
Re: $6M Gross - What Do You Do
[ QUOTE ]
hahahahah huge LOL at not being able to live very comfortably on 200K a year Sometimes reading OOT is a lot like walking around in a WALmart, it makes me feel really good about my own life. [/ QUOTE ] If knowing that not being able to afford a great education for your kids, plus not having anything left to pass on to them for inheritance, makes you feel good about yourself, then knock yourself out dude. At $200k a year you're too high-income for financial aid at a top college, but you also cannot afford it easily if you have, say, 2 or 3 kids, as many families do. If all you care about is yourself and don't mind dying broke or near-broke, then yes, $200k a year is plenty.
|
|
#68
08-14-2006, 07:08 PM
|
|||
|
|||
|
Re: $6M Gross - What Do You Do
Sorry I'm late. I've been busy with the other 50% of Jamie Gold's $$$
|
|
#69
08-14-2006, 07:11 PM
|
|||
|
|||
|
Re: $6M Gross - What Do You Do
[ QUOTE ]
[ QUOTE ] hahahahah huge LOL at not being able to live very comfortably on 200K a year Sometimes reading OOT is a lot like walking around in a WALmart, it makes me feel really good about my own life. [/ QUOTE ] If knowing that not being able to afford a great education for your kids, plus not having anything left to pass on to them for inheritance, makes you feel good about yourself, then knock yourself out dude. At $200k a year you're too high-income for financial aid at a top college, but you also cannot afford it easily if you have, say, 2 or 3 kids, as many families do. If all you care about is yourself and don't mind dying broke or near-broke, then yes, $200k a year is plenty. [/ QUOTE ] lol. You crack me up man. Im not gunna argue with you, because it would be like beating my head into a brick wall. I will let you know tho that you are very wrong.
|
|
#70
08-14-2006, 07:20 PM
|
|||
|
|||
|
Re: $6M Gross - What Do You Do
[ QUOTE ]
[ QUOTE ] [ QUOTE ] hahahahah huge LOL at not being able to live very comfortably on 200K a year Sometimes reading OOT is a lot like walking around in a WALmart, it makes me feel really good about my own life. [/ QUOTE ] If knowing that not being able to afford a great education for your kids, plus not having anything left to pass on to them for inheritance, makes you feel good about yourself, then knock yourself out dude. At $200k a year you're too high-income for financial aid at a top college, but you also cannot afford it easily if you have, say, 2 or 3 kids, as many families do. If all you care about is yourself and don't mind dying broke or near-broke, then yes, $200k a year is plenty. [/ QUOTE ] lol. You crack me up man. Im not gunna argue with you, because it would be like beating my head into a brick wall. I will let you know tho that you are very wrong. [/ QUOTE ] There's a big difference between a couple in their 60s, with kids already grown and educated, retiring on 200k/yr and an early 30's married couple, about to have kids, retiring on 200k per year. That's all i'm saying. Education costs are huge. Is there really any doubt about this? If you have two kids in college, and your gross income is 200k, break it down. You're at 120k after taxes. Unless they're in state schools, you're looking at 70 g's for the year after you've paid their tuitions. That's $5,800 a month. You still haven't maid your mortgage payment, paid property taxes, made car payments, bought any food, paid your utilities, bought any clothes, taken any vacations, or anything. Does this sound excessively comfortable?
|
 |
|
|
Linear Mode
